Unite with Fellow Investors
Choose the Best Attorney
Follow Case Progress
id: 753, Created by Stan Vick, Scout
SentinelOne, Inc. (S) IPO Misleading Case
What do I get by joining?
- You will get case updates and receive a payout in case of success
- If you would like to actively participate, you will be connected to the attorney
- No, you do not pay anything out of your pocket neither to us nor to attorney
- SentinelOne reported financial results missed estimates, cut previous guidance, and restated annualized recurring revenue.
- $S fell 35.14%, to levels 61.6% below the IPO price.
- Investors suspect SentinelOne & its Leaders of misleading.
On June 1, 2023, SentinelOne (S) reported Q1 revenue of $133.4 million, missing consensus estimates by $3.21 million. In addition, the Company cut its previously issued 2024 revenue guidance from a range of $631 – $640 million to a range of $590 – $600 million.
- SentinelOne also revealed that it had restated its annualized recurring revenue (“ARR”) “as a result of a change in methodology and correction of historical inaccuracies,” leading to “a one-time adjustment to ARR of $27.0 million or approximately 5% of total ARR,” as well as an adjustment to “ARR for the prior period in fiscal 2023 . . . based on the same percentage adjustment rate identified in the first quarter of fiscal 2024.”
- In a letter to shareholders discussing the results, Company management also revealed that it would “implement a workforce optimization plan that is expected to impact approximately 5% of our current employees”.
On this news, SentinelOne’s stock price fell 35.14%, or 61.6% below the IPO price.
On June 30, 2021, SentinelOne conducted its IPO, selling 35 million shares of its Class A common stock at $35.00 per share for more than $1 billion in gross offering proceeds.
Taking all representations, previous guidances, and consequent results into account, Investors have reasons to suspect SentinelOne and its Leaders of misleading statements.
Failure to Disclose,
Shock Event Date
01 June 2023
06 June 2023
Lead Plaintiff Deadline
07 August 2023
Hon. Judge Haywood S Gilliam, Jr